The Second Step in the Closing Process Is to Close

question 44

Multiple Choice

The second step in the closing process is to close the _____________ account(s) into the ___________ account(s) .

• A) expense, income summary
• B) income summary, expense
• C) expense, net income
• D) revenue, income summary

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Definitions:

Effects

Refers to changes or impacts that result from a specific action, condition, or influence.

Attitude Object

An entity, person, place, thing, or concept toward which an attitude is held, impacting feelings, beliefs, and behavior regarding it.

Level of Involvement

Refers to the degree of perceived relevance and personal importance that an individual attaches to a product, activity, or decision, affecting information processing and decision-making.

Available Income

The portion of an individual's or household's income that is available for spending, saving, or investing after taxes and other deductions.